South Korean AI Chip Startup DEEPX Raises $80M to Accelerate On-Device AI Solutions
DEEPX, a pioneering South Korean startup specializing in neural processing units (NPUs) for on-device AI applications, has announced an \(80 million (KRW 108.5 billion) Series C funding round. This investment values the company at \)529 million (KRW 723 billion) – an impressive eightfold increase from its 2021 Series B valuation.
Key Funding Details and Growth Trajectory
- Total raised to date: ~$95 million
- Valuation surge: 8x growth since Series B ($15M in 2021)
- Lead investor: SkyLake Equity Partners (South Korea)
- Other participants: BNW Investments, AJU IB, Timefolio Asset Management
Strategic Use of Funds: Product Development and Global Expansion
The fresh capital will fuel two primary objectives:
- Mass production launch: Accelerating manufacturing of DEEPX’s inaugural product line (DX-V1, DX-V3, DX-M1, DX-H1) for global distribution by late 2024
- Next-gen solutions: Advancing development of large language model (LLM) capabilities for on-device applications
Market Opportunity and Competitive Landscape
The global edge AI market is projected to explode from \(11.98 billion in 2021 to \)107.47 billion by 2029 (Fortune Business Insights). DEEPX competes in this space with:
- Hailo ($120M April 2024 funding)
- SiMa.ai ($70M April 2024 funding)
- Axelera ($27M 2022 funding)
DEEPX’s Technological Differentiators
Founded in 2018 by CEO Lokwon Kim (Apple, Cisco, IBM, Broadcom alum), DEEPX boasts several competitive advantages:
- All-in-4 AI Total Solution: Comprehensive suite for diverse AI applications
- Energy efficiency: Addressing the power consumption challenges of server-based AI
- Patent portfolio: 259+ pending patents across U.S., China, and South Korea
Product Applications and Industry Impact
DEEPX’s solutions target multiple high-growth sectors:
- Vision systems: Home appliances, surveillance cameras, drones
- AI infrastructure: Computing boxes, servers, smart factories
- Emerging tech: Robotics, IoT, physical security systems
“Our on-device approach significantly reduces energy consumption compared to cloud-dependent solutions,” explained CEO Kim. “When mass production begins, manufacturers can commercialize products with our chips by 2025.”
Current Traction and Future Outlook
While not yet serving paying customers, DEEPX has established:
- Collaborations with 100+ potential clients
- Strategic partnerships with Hyundai Kia Motors Robotics Lab and POSCO DX
- Validation testing for its AI chip capabilities
The company’s 65-person team continues to innovate as the on-device AI market expands, offering energy-efficient alternatives to traditional data center-dependent solutions.
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